Posts Tagged ‘westbrook partners’

Westbrook Partners is the only buyer of Savanna’s 1375 Broadway. The real estate and private equity firm is selling the property at West 37th Street for $310 million, according to the New York Post, which is more than twice what it paid in 2010.

Previously, Savanna had planned to keep an ownership stake in the 27-story, 513,000-square-foot property, as reported by The Real Deal. [more]

Treetop Development closed on the purchase of the eight-building Manhattan portion of Normandy Real Estate Partners and Westbrook Partners’ 1,700-unit multifamily portfolio for $38 million, The Real Deal has learned. [more]

From left: 178-188 East 93rd Street in East Flatbush and 710 East 138th Street in the Bronx (inset: Amit Doshi and Aaron Jungreis)

With a series of mini-portfolio deals, Normandy Real Estate Partners and Westbrook Partners are inching closer to shedding a total of 1,700 apartments as part of the investment firms’ plans to focus on office property deals. In the past week, they have sold seven buildings to Black Spruce Management for $43 million, and 10 to Prana Growth Fund for $36.2 million, The Real Deal has learned. [more]

Westbrook Partners has picked up a 96 percent stake in a pair of Midtown office towers from Savanna for an undisclosed sum, according to data from Real Capital Analytics. The buildings at 1375 Broadway and 31 Penn Plaza are together valued at approximately $650 million. [more]

Normandy Real Estate Partners and Westbrook Partners have agreed to pay more than $1 million in rebates for overcharges and illegal fees.

Earlier this year, tenants in properties that are part of a 42-building real estate portfolio in foreclosure filed a lawsuit in Bronx Supreme Court against management. The tenants in the Bronx, Brooklyn and Manhattan properties claimed that problems ranged from a nearly-bursting pipe to a blocked, broken-down elevator. [more]

Anbau Enterprises’ 155 East 79th Street and a new East Williamsburg rental building on a former church site are among the latest projects to receive a new batch of eye-popping renderings in the past week. Click here for a slideshow.

From left: 995 Fifth Avenue and Joseph Plumeri, former CEO of Willis Holdings

The board at 995 Fifth Avenue filed a $5 million suit against Extell Development and Westbrook Partners, alleging breach of contract and fraud in the construction, marketing and sale of apartments at the luxury co-op building.

The building, the former Stanhope Hotel across from the Metropolitan Museum of Art, is widely considered one of the top co-op buildings in New York. The suit, filed in Manhattan Supreme Court by 995 Fifth Avenue Owners Corp. on Jan. 9, also alleges fraud and misrepresentation on the part of architect Centra/Ruddy in the design of the property and Corcoran Group in the sale of units at the building. [more]

The 300,000-square-foot building, at 41st Street, is one of six commercial and residential properties that Westbrook put on the market in April. Westbrook paid $180 million for the building in July 2007. [more]

Westbrook Partners has proposed a new 95-unit development for 223 North 8th Street in Williamsburg, BuzzBuzz Home reported.

The new development, designed by IBI Group Gruzen Sampton, will stretch up to seven stories and be located between Driggs Avenue and Roebling Street, according to the plan exam application filed August 16 and cited by BuzzBuzzHome. [more]

New York City real estate may not be quite back to the dizzying heights of the 2007 peak, but the climb back seems to be strong and swift. Property sales activity clocked in at $17.96 billion in the first half of 2013, a year-over-year increase of 41.3 percent, according to data from Real Capital Analytics provided to The Real Deal.

“We’re at an interesting point in the cycle where investors and owners are taking different perspectives on value,” said Real Capital’s Dan Fasulo. “This leads to more activity.” [more]

Updated, 10:15 a.m., June 7: Abe Talass’ Eretz Group will pay about $210 million for a Midtown office tower belonging to Westbrook Partners and the Moinian Group, according to sources.

The 300,000-square-foot 295 Madison Avenue, located at 41st Street, is part of a portfolio that Westbrook was marketing in April that is expected to fetch about $1 billion, as The Real Deal first reported. Murray Hill Properties represented the buyer in the deal, which is expected to close in September. The Observer first reported the building was in contract. [more]

In a test of how much the office and residential investment markets have recovered since the boom, the private equity firm Westbrook Partners is offering for sale a six-building Manhattan portfolio that is expected to fetch about $1 billion, real estate sources said. [more]

Private investment firm Ellis Lake Capital has inked a lease at the Westbrook Partners-owned 444 Madison Avenue, paying more than $100 per square foot, Crain’s reported. The dollar value of the seven-year agreement is further evidence of the way companies that need less space are outpacing larger tenants, Crain’s said. [more]

UPDATED, 11:25 a.m., Feb. 6: A joint venture between Jared Kushner and an unnamed international investor has closed on a portfolio of 17 walk-up apartment buildings in Downtown Manhattan for a total of about $130 million, a source told The Real Deal. The buildings are situated between East 2nd and East 13th streets, First Avenue and Avenue B, in the East Village. [more]